LOCAL NEWS

New App Gives Parents Chance To Teach Digital Financial Literacy

May 11, 2021, 1:34 PM

SALT LAKE CITY, Utah – When it comes to real money, what age is the right age to begin talking to your children about money and a personal budget?

There is a right answer according to the creator of an app that’s designed to do teach your children financial literacy.

“Money is no longer something you clink in a pig on the dresser or jars or envelopes or anything like that. It’s little numbers on a screen — that’s literally all money is anymore, and so we really have to teach them using technology,” said Gregg Murset, CEO and co-founder of the BusyKid app.

That technology could include the app, which allows your children to basically collect a working wage as opposed to an allowance.

You specify the jobs, and they can separate their paycheck into saving, spending and investing, just like adults have to do every couple of weeks.

“This gives a great opportunity for families to get their kids connecting those two basic things, working and earning money, and then managing that money,” Murset said. “And once they’re together, they’re pretty powerful, and kids get it.”

The BusyKid app is available for your phone in the app store.

It’s $20 a year to sign up and your child will get a Visa card to teach them to spend like their parents.

The app is connected to the parents’ account for control and to teach lessons about financial fitness

So what age is the right age?

Murset said there’s a 10-year window typically between age 6 and 16 when you really want to drill into your children the important habits of saving, investing and spending before they actually enter the workforce.

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New App Gives Parents Chance To Teach Digital Financial Literacy